South Korea’s Shinhan Card Adopt Blockchain Platform for Payments

Asia Blockchain Review
October 13, 2019
South Korea’s Shinhan Card Adopt Blockchain Platform for Payments

Shinhan Card, the largest card company in South Korea, has announced plans to introduce a blockchain-powered payment system for its users.

Adopting Blockchain for Credit Card Payments

According to a report by Ledger Insights, Shinhan Card, a company affiliated with Shinhan Bank, disclosed that it will be one of the first companies in the country to implement blockchain technology to credit card payments.

Moreover, Shinhan Card’s Digital Lead Ryoo Tae-Hyun told Korea Times in an interview that the company is developing solutions using the latest technologies such as the Internet of Things (IoT), facial recognition, and distributed ledger technology (DLT) for transactions, adding that the firm has plans to launch its own cryptocurrency in the future.

“With our system, we [will] provide our customers with cryptocurrencies available at our affiliated stores, in accordance with their credit limits,” said Ryoo. “Cryptocurrencies developed by other blockchain companies can only be used at a limited number of stores. Ours can be used at a wider range of places, because we have served as a platform for our customers and affiliated stores for over the past 30 years.”

Integrating Payments with Major Consumer Electronics Firm

Ryoo also stated that Shinhan Card’s plans to introduce its own cryptocurrency would integrate IoT into its payment systems.

“We [have] installed our payment module in products from Hyundai Motor and LG Electronics. Our customers will be able to do grocery shopping with LG ThinQ refrigerators,” said Ryoo.

Shinhan Bank has been actively developing projects that used blockchain technology, including its project with Kakao’s Ground X to develop a blockchain security system.

Source: https://www.ledgerinsights.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Defending Truth with Blockchain – Eliminating Fake News
    The business of journalism is under attack and Blockchain can help regain trust between the publishe...

    August 10, 2020

    Mainstreaming Of Cryptocurrency Investments? An Exploration
    While the security and the regulation is well chronicled. The big question that needs to be answered...

    August 10, 2020

    The 5G Pandora Box: An Ultimate Kingmaker
    Unlike WWII which had sheer military might as its focal point, digital technologies such as 5G would...

    August 9, 2020

    Cyber Attacks In India Surge In Post Border Face Off
    The clashes between Indian and Chinese troops at Galwan valley that took the lives of soldiers from ...

    August 8, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us